Lilium Secures $35 Million in New Funding for Carbon Fiber Air Taxi

The Lilium Jet, constructed using carbon fiber reinforced polymer (CFRP) is a new type of aircraft that the company says will deliver regional journeys that are considerably faster than rail or road, yet competitive in price. Baillie Gifford, Tesla’s top external investor, has invested $35 million in Lilium, a German start-up vying to become a major player in the emerging “air taxi” space. The five-seater electric aircraft, the Lilium Jet, takes off and lands vertically, similar to a helicopter, but is powered by 36 electric jet engines placed in two sets of wings. The firm has now secured a valuation of more than $1 billion due to an extension of a $240 million investment round declared earlier this year, raising it to the ranks of Europe’s unicorn companies. Baillie Gifford has taken a less than 5% stake in Lilium. The fresh funding takes Lilium’s total investment to date to more than $375 million. The company’s other backers include Tencent, Atomico, Freigeist and LGT. For identifying growth opportunities for Composites in Global Aerospace Market, please visit http://www.lucintel.com/composites-in-aerospace-market-2017.aspx